LIVE: FTSE 100 and European stocks higher as storm Isha batters region
01/22/2024 16:21
High winds and lashing rain caused power outages and disrupted travel across the UK and parts of Europe.
The FTSE 100 and European indexes bounded higher on Monday morning, even as storm Isha battered parts of the continent.
High winds and lashing rain caused power outages and disrupted travel across the UK and parts of Europe, with flights are currently grounded at multiple airports.
The FTSE 100 (^FTSE) rose 0.4% in early trade, while the DAX (^GDAXI) was up 0.7% and Paris's CAC (^FCHI) headed 0.9% higher in early trade. The pan-European Stoxx 600 (^STOXX) also rose 0.6%.
Gambling group Entain (ENT.L) and grocer Ocado (OCDO.L) were among the top gainers in the FTSE in the first hour of trade, each rising more than 4%.
High winds and lashing rain caused power outages and disrupted travel across the UK and parts of Europe, with flights are currently grounded at multiple airports.
As markets ticked up, the Financial Times reported that hedge funds cashed in on punchy bets on stock markets to the tune of $67bn in 2023.
Citing research from LCH investments, the paper reported that the 20 hedge funds which have performed best since their inception manage 19% of assets but they made around a third of annual profits last year, in dollar terms.
Among top profit takers in 2023 included Sir Christopher Hohn’s TCI, Ken Griffin’s Citadel and Andreas Halvorsen’s Viking.
Read more: What UK retail sales slump reveals about recession and interest rates
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A mixed bag in Asia
It appears to have been a wild day of trade across China and Japan. The Nikkei (^N225) was the day's winner, having risen 1.6%, to a 32-year high. The Nikkei was buoyed by stocks such as Yamaha Motor, which finished up 5.6% as it made a play for the electric vehicle market with the acquisition of Torqeedo from Germany’s Deutz.
Meanwhile, the Hang Seng (^HSI) hit a 15-month low with heavy selling across real estate stocks. The People's Bank of China said it would leave one- and five-year loan prime rates left unchanged at 3.45% and 4.2%, respectively. The index was 2.4% by the end of the day.
The SSE Composite (000001.SS) followed suit, falling 2.7% by the closing bell.
Good morning from London
Hello from London, this is Lucy Harley-McKeown, ready to start the week with more scintillating market moves. There were some dramatic swings overnight in Asia but London markets are starting the day in the green. Let's get to it.
Watch: Storm Isha leaves thousands of people without power